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Thailand is launching a pilot program to allow foreign tourists to use cryptocurrency for payments in Phuket.
Announced by Deputy Prime Minister Pichai Chunhavajira, the initiative aims to make digital payments easier and quicker for tourists while boosting the nation’s competitiveness in the tourism sector.
Set to operate within Thailand’s existing legal frameworks, the project includes identity verification through local exchanges and a clearing house to convert Bitcoin (BTC) into Thai baht for merchants, according to The Nation.
Speaking at a seminar organized by the Marketing Association of Thailand, Pichai emphasized the program’s compliance with current regulations, ensuring no legal amendments are necessary.
“We won’t do anything that is illegal,” he stated, adding that the trial is expected to capitalize on the growing global adoption and value of cryptocurrencies.
Thailand’s appeal to crypto travellers
The pilot project reflects Thailand’s efforts to attract crypto-savvy travellers. Phuket, in particular, has been a hub for foreign nationals, including those displaced by the Russia-Ukraine conflict, according to The Nation.
Pichai highlighted that using Bitcoin for transactions, such as real estate purchases, could streamline processes for these individuals.
Crypto exchange Binance has also started to focus on Thailand as a key market in its global expansion efforts, citing the country’s crypto-friendly regulations. The exchange believes that Thailand’s regulatory openness is a crucial factor in its mission to make crypto mainstream.
Despite the growing appeal of cryptocurrency, safety concerns remain. Earlier this week, Thai police pursued two Russian suspects following a violent robbery in Phuket that stemmed from a cryptocurrency-related dispute.
The suspects allegedly assaulted and robbed a 31-year-old Russian man of $20,000 over an unresolved crypto debt.
Thailand already has a small but active crypto community. In Kalasin’s Huay Phueng district, a self-proclaimed “Bitcoin town” has emerged, with over 80 locals accepting Satoshi payments via the Bitcoin Lightning app.